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Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?

Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?

TEMPERED Assignment #2 Graphic Artz Co. uses a perpetual inventory system and had the following beginning inventory and pur- chases during January 2020: Date Jan. 1 16 20 Inventory Purchase Purchase. Total units and cost of goods available for sale..... Sales of units were as follows (all on credit): Jan. 15 28 Total units sold. Jan. 15 28 Units 300 200 300 800 a. FIFO b. Moving weighted average c. Specific identification @ @ Additional data for use in applying the specific identification method: The specific units sold were: Item X Unit Cost $14 15 16 200 units at $30 460 units at $35 660 200 units from the January 1 units on hand 75 units from the January 1 units on hand 150 units from the January 16 purchase, and 235 units from the January 20 purchase = = ஃப்ரீ SN Total Cost $ 4,200 3,000 4,800 Required 1. Calculate the ending inventory and the cost of goods sold under a perpetual inventory system by applying each of the three different methods of inventory costing: a. FIFO b. Moving weighted average c. Specific identification $12,000 2. Using your calculations from Part 1, record the purchase on January 16 and the sale on January 28 for each of:
Transcribed Image Text:TEMPERED Assignment #2 Graphic Artz Co. uses a perpetual inventory system and had the following beginning inventory and pur- chases during January 2020: Date Jan. 1 16 20 Inventory Purchase Purchase. Total units and cost of goods available for sale..... Sales of units were as follows (all on credit): Jan. 15 28 Total units sold. Jan. 15 28 Units 300 200 300 800 a. FIFO b. Moving weighted average c. Specific identification @ @ Additional data for use in applying the specific identification method: The specific units sold were: Item X Unit Cost $14 15 16 200 units at $30 460 units at $35 660 200 units from the January 1 units on hand 75 units from the January 1 units on hand 150 units from the January 16 purchase, and 235 units from the January 20 purchase = = ஃப்ரீ SN Total Cost $ 4,200 3,000 4,800 Required 1. Calculate the ending inventory and the cost of goods sold under a perpetual inventory system by applying each of the three different methods of inventory costing: a. FIFO b. Moving weighted average c. Specific identification $12,000 2. Using your calculations from Part 1, record the purchase on January 16 and the sale on January 28 for each of:
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